Prices back above its 38.2% retracement broken earlier today
The price of the GBPUSD move down to test its next key target at the 1.34448 level. That is where the 50% retracement of the move up from the December 21 low cuts across. The low for the day reached 1.34498 and found early buyers against the 50% retracement level.
The price has since moved back above the broken 38.2% retracement 1.35057 and looks toward the low of a swing area between 1.352121 and 1.35347. The low from last week reached in that area at 1.35313. I would expect sellers to lean in this area, with stops on a break above. Be aware.
Drilling to the 5 minutes chart below, the price started to move back above its 100 bar moving average and trendline, but did initially find sellers against the 200 bar moving average (green line). When the price moved above the 200 bar moving average, the sellers turned more into buyers and the price has raced back higher.
